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21 Aug 2009 13:34
Amur Minerals Corporation
("Amur" or "the Company")
£500,000 Placing
Amur Minerals Corporation ('Amur' or the 'Company') announces that it has raised £500,000 by way of a placing of 7,142,857 new ordinary shares (the 'Placing Shares') at 7p each ('Placing Price') with an institutional investor ("Placing").
Amur intends to use the proceeds of the Placing primarily to fund ongoing programmes at Kun-Manie, the Company's main nickel exploration project in the Amur region of Far East Russia, as well as for general operating expenses.
In addition, Amur will issue 1,057,000 new ordinary shares (the "Commission Shares") in satisfaction of commissions incurred during the previously completed placings in 2009.
Following the admission of the Placing Shares and the Commission Shares to trading on AIM, the Company will have 160,103,795 shares in issue.
Application will be made to the London Stock Exchange for the Placing Shares and the Commission Shares to be admitted to trading on AIM and it is expected that Admission will become effective and trading will commence on 27 August 2009. The Placing Shares and the Commission Shares will, when issued and fully paid, rank pari passu in all respects with the Company's existing shares, including the right to receive any dividend or other distribution thereafter declared, made or paid.
21 August 2009
Enquiries:
|
Company Amur Minerals Corp. |
Nomad and Broker RBC Capital Markets |
Public Relations Lothbury Financial |
|
Robin Young |
Martin Eales |
Michael Padley |
|
CEO |
Libby Moss |
|
|
+44 (0) 7981 126 818 |
+44 (0) 20 7029 7881 |
+44 (0) 20 7011 9411 |
Amur Minerals Corporation is a mineral resource development company focused on base metal projects located in the far east of Russia where it has three projects. It's JORC compliant resource estimate for its flagship Kun-Manie project is 341,000 tonnes of contained nickel and 95,500 tonnes of copper and this is expected to increase as further exploration is completed. This resource, which has been identified and progressed in only five seasons of field work, is one of the largest nickel sulphide discoveries since Voisey's Bay.
An independently compiled pre-feasibility study of Kun-Manie conservatively indicates a Post Tax NPV (10%) of $84 million with an IRR of 15.7%. The economic values presented are based on a $7.50 nickel price. The study contemplates producing 16,000 tonnes of recoverable nickel per year in concentrate from three deposits drilled to date on the Kun-Manie license as well as noting considerable upside potential.
For further information about Amur, please visit the Company's website at www.amurminerals.com.
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